Aqualis ASA: Q3 2016 financial results

Oslo, Norway - October 27, 2016

• Total operating revenue of USD 6.4 million, down 33% from Q3 2015
• Operating loss (EBIT) of USD 0.7 million with cost efficiency measures continued to take effect throughout the quarter
• Low activity level due to adverse weather conditions, vacation months and weak market conditions in the oil and gas market
• OWC maintained high activity in the offshore wind market and secured new contracts
• Billing ratio for technical staff of 73% in Q3 2016, down from 75% in Q2 2016
• Order backlog at USD 8.5 million
• ADLER Solar results impacted by lack of larger projects and introduction of new services
• Cash balance of USD 11.1 million at the end of Q3 2016
• 161 employees at end of Q3 2016, down from 175 at end of Q2 2016
• Continued solid HSE performance and ISO 18001 compliant

David Wells, CEO of Aqualis ASA said:

"The oil and gas market remains weak and we must continue our path to improve our operations and cost competitiveness. The measures implemented will continue to take effect throughout 2016 and into 2017. The contract visibility remains short term.

Being adaptive and having the ability to respond quickly to market changes is the key to manage the business successfully. The remainder of 2016 and 2017 will be challenging for the oil and gas industry" says Mr David Wells, CEO of Aqualis ASA"

For further information, please contact:

Investors and financial media;
Kim Boman, CFO, Aqualis ASA
Telephone: +47 959 63 912
Email: kim.boman@aqualis.no

Other media enquiries:
Endre Johansen, Corporate Communications AS
Telephone: +47 41 61 06 05,
Email: endre.johansen@corpcom.no.

About Aqualis ASA
Aqualis ASA (OSE: Aqua) is a public company that, through its subsidiaries and associates, offers energy consultancy services to the global oil and gas, wind and solar sectors. The group employs experienced consultants in 22 offices in 15 countries worldwide. Aqualis ASA operates under three different brands: Aqualis Offshore, Offshore Wind Consultants and ADLER Solar. Aqualis Offshore is a specialized offshore marine and engineering consultancy firm, focusing on the shallow and deep-water offshore segments of the oil and gas industry. Offshore Wind Consultants is a globally focused consultancy providing independent services to the offshore renewables industry. ADLER Solar is a technical and engineering service provider for the global solar industry. Aqualis owns 49.9 percent of ADLER Solar.